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BOULDER, Colo. - Enliven Therapeutics, Inc. (NASDAQ:ELVN), a clinical-stage biopharmaceutical company with a market capitalization of approximately $965 million, has launched an underwritten public offering of $200 million in common stock shares and pre-funded warrants, according to a press release statement issued Friday.
The clinical-stage biopharmaceutical company also plans to grant underwriters a 30-day option to purchase up to an additional $30 million of its common stock. The offering remains subject to market conditions, with no guarantee of completion or final terms. According to InvestingPro data, Enliven maintains a strong financial position with more cash than debt on its balance sheet and a robust current ratio of 21.06, indicating excellent short-term liquidity.
Jefferies, Goldman Sachs & Co. LLC, TD Cowen and Mizuho are serving as joint book-running managers for the proposed offering, while LifeSci Capital acts as lead manager.
The Boulder-based company, which focuses on developing small molecule therapeutics for oncology, is conducting the offering through a previously filed and SEC-approved Registration Statement on Form S-3.
Enliven noted that all shares and pre-funded warrants in the offering will be issued by the company itself. The offering follows regulatory guidelines, with a preliminary prospectus supplement and accompanying prospectus to be filed with the SEC.
The company specializes in precision oncology approaches aimed at addressing unmet medical needs. Its development process combines insights into clinically validated biological targets with differentiated chemistry to design potential treatments.
The announcement comes as part of Enliven’s ongoing efforts to secure funding for its clinical programs, though the company provided no specific details on how proceeds would be utilized.
In other recent news, Enliven Therapeutics has reported promising results from its Phase 1 ENABLE trial for the treatment of chronic myeloid leukemia (CML) with ELVN-001. The data, presented at the European Hematology Association Congress, demonstrated a 47% cumulative major molecular response rate by 24 weeks, with a favorable safety profile. Analysts have responded positively to these developments, with Mizuho Securities increasing the stock target to $41 and maintaining an Outperform rating. BTIG also raised its price target to $45, citing the promising Phase 1 data and the company’s strategic focus on ELVN-001. H.C. Wainwright adjusted its price target to $40, reflecting a positive outlook despite increased net loss projections for 2025. Enliven ended the first quarter with $289.6 million in cash, expected to fund operations into late 2027. The company is planning a pivotal Phase 3 trial for ELVN-001 in 2026, indicating a strategic shift away from its HER2 TKI program, ELVN-002. These developments suggest that Enliven’s efforts in the CML treatment market are gaining traction among investors and analysts alike.
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